: Digital payments provider MobiKwik, in association with city-based Chola MS General Insurance, Thursday rolled out a personal accident insurance product with a minimum annual premium of Rs 20.
The product was available at Rs one lakh insurance cover for an annual premium of Rs 20 and it can be purchased through the MobiKwik mobile application.
Customers can also increase the sum insured to Rs three lakh and Rs five lakh with annual premiums of Rs 60 and Rs 100 respectively, a press release said here.
"India continues to be grossly under-penetrated market, with a non-life penetration of less than 1 per cent. General insurance distribution and adoption outside large cities is poor for reasons of access, awareness...through our first general insurance offering, we are looking to introduce first-time buyers to insurance," MobiKwik co-founder Upasana Taku said.
"This partnership and product introduction are in line with our vision to bring about an impactful change in the way financial services are distributed in India," she said.
Commenting on the rollout of new insurance product, Chola MS's managing director S S Gopalarathnam said, "We are excited to be part of this digital distribution journey. MobiKwik's ability to reach out to its tech-savvy customer base will help this partnership offer innovative and affordable insurance products".